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Global Digital Payment Market: By Solution: Payment Gateway, Payment Security and Fraud Management, Payment Processing, Transaction Risk Management; By Deployment; By Mode of Payment; By End Use; Regional Analysis; Historical Market and Forecast (2018-2028); Competitive Landscape; Industry Events and Developments

Global Digital Payment Market Outlook

The global digital payment market attained USD 4.9 trillion in 2020. The global digital payment market is expected to grow at a CAGR of 13% in the forecast period of 2023-2028 to attain USD 10.4 trillion by 2026.

 

Global Digital Payment Market

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The COVID – 19 Pandemic has Accelerated the Market Growth of Digital Payment

The increasing smartphone penetration in the Asia Pacific region is propelling the market for digital payment services at a healthy rate. The rise of smart wallets, in which users can add money to an application and utilise them later, in multiple areas, is also boosting the adoption of digital payment services. Countries like China are investing heavily in digital payment platforms, which have in-app services for booking hotels, flight tickets, offers, etc. Digital payment platforms are a major market growth imperative and can help boost economy, productivity, transparency, and ease of access to financial services. Further, favourable government regulations such as those in India and Japan continue to propel the digital payments market forward. The shift towards contactless payment services was already quite prevalent across the world but has been all the more bolstered by the COVID-19 pandemic.

 

Digital Payment: Market Segmentation

Digital payment is a transaction that is done through digital or online modes, with no physical exchange of money involved. This implies that both parties, the payer and the payee, use electronic mediums or platforms to exchange money. Digital payments can take place through the internet as well as on physical premises, but through a mediating electronic platform.

 

Global Digital Payment Market By Solution

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The market is divided on the basis of solution into:

  • Payment Gateway
  • Payment Security and Fraud Management
  • Payment Processing
  • Transaction Risk Management
  • Others

The market is bifurcated on the basis of deployment into:

  • Cloud
  • On-Premises

In terms of mode of payment, the market is segmented into:

  • Digital Wallets
  • Bank Cards
  • Net Banking
  • Digital Currencies
  • Others

Bank cards are divided by type into debit card, credit card and pre-paid card.

The market is segmented on the basis of end use into:

  • BFSI
  • Healthcare
  • Retail and E-commerce
  • IT and Telecommunication
  • Media and Entertainment
  • Transportation and Logistics
  • Travel and Hospitality
  • Education
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Digital Payment Market By Region

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Various Government Initiatives to Aid the Market Growth of Digital Payment

Countries across the globe are investing in the implementation of ICT technologies to promote digital economies. To digitise payment processes, governments are taking crucial steps. Digital payment is a major growth dimension for a country’s economy. It can boost productivity, improve transparency, help in financial inclusion, and provide new economic opportunities for users. Due to these factors, the market for digital payment is expected to rise at a healthy rate. Increasing penetration of smart phones and the expanding economies have made the market in the Asia Pacific expand at a high rate. Furthermore, India is expected to lead the digital payments market due to various initiatives and conducive regulations, such as UPI and demonetization. Various other countries, like China, Singapore, and Australia, have also launched digital payment initiatives to help boost the digital payment industry. The COVID-19 pandemic has bolstered the market for digital payment due to the growing need for contactless services.

 

Key Industry Players in the Global Digital Payment Market

The report gives a detailed analysis of the following key players in the global digital payment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • Square, Inc.
  • Fiserv, Inc.
  • PayPal Holdings, Inc.
  • Visa Inc.
  • MasterCard Incorporated
  • Apple Inc.
  • One97 Communications Limited
  • Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Solution, Deployment, Mode of Payment, End Use, Region
Breakup by Solution Payment Gateway, Payment Security and Fraud Management, Payment Processing, Transaction Risk Management, Others
Breakup by Deployment Cloud, On-Premises
Breakup by Mode of Payment Digital Wallets, Bank Cards, Net Banking, Digital Currencies, Others
Breakup by End Use BFSI, Healthcare, Retail and E-commerce, IT and Telecommunication, Media and Entertainment, Transportation and Logistics, Travel and Hospitality, Education, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., One97 Communications Limited, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Digital Payment Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Digital Payment Historical Market (2018-2022) 
    8.3    Global Digital Payment Market Forecast (2023-2028)
    8.4    Global Digital Payment Market by Solution
        8.4.1    Payment Gateway
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Payment Security and Fraud Management
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Payment Processing
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Transaction Risk Management
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
        8.4.5    Others
    8.5    Global Digital Payment Market by Deployment
        8.5.1    Cloud
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    On-Premises
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global Digital Payment Market by Mode of Payment
        8.6.1    Digital Wallets
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Bank Cards
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
            8.6.2.4    By Type
                8.6.2.4.1    Debit Card
                8.6.2.4.2    Credit Card
                8.6.2.4.3    Pre-Paid Card
        8.6.3    Net Banking
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Digital Currencies
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Others
    8.7    Global Digital Payment Market by End Use
        8.7.1    BFSI
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Healthcare
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Retail and E-commerce
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022)
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    IT and Telecommunication
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022)
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Media and Entertainment
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022)
            8.7.5.3    Forecast Trend (2023-2028)
        8.7.6    Transportation and Logistics
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2018-2022)
            8.7.6.3    Forecast Trend (2023-2028)
        8.7.7    Travel and Hospitality
            8.7.7.1    Market Share
            8.7.7.2    Historical Trend (2018-2022)
            8.7.7.3    Forecast Trend (2023-2028)
        8.7.8    Education
            8.7.8.1    Market Share
            8.7.8.2    Historical Trend (2018-2022)
        8.7.8.3    Forecast Trend (2023-2028)
        8.7.9    Others
    8.8    Global Digital Payment  Market by Region       
        8.8.1    North America
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022) 
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    Europe
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022) 
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Asia Pacific
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022) 
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Latin America
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022) 
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Middle East and Africa
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022) 
            8.8.5.3    Forecast Trend (2023-2028)
9    North America Digital Payment Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Digital Payment Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Digital Payment  Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Digital Payment Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Digital Payment Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.3.1    Square, Inc.
            15.3.1.1    Company Overview
            15.3.1.2    Product Portfolio
            15.3.1.3    Demographic Reach and Achievements
            15.3.1.4    Certifications
        15.3.2    Fiserv, Inc.
            15.3.2.1    Company Overview
            15.3.2.2    Product Portfolio
            15.3.2.3    Demographic Reach and Achievements
            15.3.2.4    Certifications
        15.3.3    PayPal Holdings, Inc.
            15.3.3.1    Company Overview
            15.3.3.2    Product Portfolio
            15.3.3.3    Demographic Reach and Achievements
            15.3.3.4    Certifications
        15.3.4    Visa Inc.
            15.3.4.1    Company Overview
            15.3.4.2    Product Portfolio
            15.3.4.3    Demographic Reach and Achievements
            15.3.4.4    Certifications
        15.3.5    MasterCard Incorporated
            15.3.5.1    Company Overview
            15.3.5.2    Product Portfolio
            15.3.5.3    Demographic Reach and Achievements
            15.3.5.4    Certifications
        15.3.6    Apple Inc.
            15.3.6.1    Company Overview
            15.3.6.2    Product Portfolio
            15.3.6.3    Demographic Reach and Achievements
            15.3.6.4    Certifications
        15.3.7    One97 Communications Limited
            15.3.7.1    Company Overview
            15.3.7.2    Product Portfolio
            15.3.7.3    Demographic Reach and Achievements
            15.3.7.4    Certifications
        15.3.8    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Digital Payment Market: Key Industry Highlights, 2018 and 2028
2.    Global Digital Payment Historical Market: Breakup by Solution (USD Trillion), 2018-2022
3.    Global Digital Payment Market Forecast: Breakup by Solution (USD Trillion), 2023-2028
4.    Global Digital Payment Historical Market: Breakup by Deployment (USD Trillion), 2018-2022
5.    Global Digital Payment Market Forecast: Breakup by Deployment (USD Trillion), 2023-2028
6.    Global Digital Payment Historical Market: Breakup by Mode of Payment (USD Trillion), 2018-2022
7.    Global Digital Payment Market Forecast: Breakup by Mode of Payment (USD Trillion), 2023-2028
8.    Global Digital Payment Historical Market: Breakup by End Use (USD Trillion), 2018-2022
9.    Global Digital Payment Market Forecast: Breakup by End Use (USD Trillion), 2023-2028
10.    Global Digital Payment Historical Market: Breakup by Region (USD Trillion), 2018-2022
11.    Global Digital Payment Market Forecast: Breakup by Region (USD Trillion), 2023-2028
12.    North America Digital Payment Historical Market: Breakup by Country (USD Trillion), 2018-2022
13.    North America Digital Payment Market Forecast: Breakup by Country (USD Trillion), 2023-2028
14.    Europe Digital Payment Historical Market: Breakup by Country (USD Trillion), 2018-2022
15.    Europe Digital Payment Market Forecast: Breakup by Country (USD Trillion), 2023-2028
16.    Asia Pacific Digital Payment Historical Market: Breakup by Country (USD Trillion), 2018-2022
17.    Asia Pacific Digital Payment Market Forecast: Breakup by Country (USD Trillion), 2023-2028
18.    Latin America Digital Payment Historical Market: Breakup by Country (USD Trillion), 2018-2022
19.    Latin America Digital Payment Market Forecast: Breakup by Country (USD Trillion), 2023-2028
20.    Middle East and Africa Digital Payment Historical Market: Breakup by Country (USD Trillion), 2018-2022
21.    Middle East and Africa Digital Payment Market Forecast: Breakup by Country (USD Trillion), 2023-2028
22.    Global Digital Payment Market Structure

Key Questions Answered in the Report

In 2020, the global digital payment market attained a value of nearly USD 4.9 trillion.

The market is projected to grow at a CAGR of 13% between 2023 and 2028.

The major drivers of the market include the expanding economies, growing need for contactless services especially due to COVID-19 pandemic, rise of smart wallets, and increase in in-app services for booking hotels, flight tickets, offers, etc.

Increasing penetration of smartphones and various government initiatives are the key industry trends propelling the market's growth.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The market is divided on the basis of solutions into payment gateway, payment security and fraud management, payment processing, and transaction risk management, among others.

Based on deployment, the market is bifurcated into cloud and on-premises.

In terms of mode of payment, the market is segmented into digital wallets, bank cards, net banking, and digital currencies, among others. Bank cards are sub-divided into debit card, credit card and pre-paid card.

The end-uses include BFSI, healthcare, retail and e-commerce, IT and telecommunication, media and entertainment, transportation and logistics, travel and hospitality, and education, among others.

The major players in the industry are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., and One97 Communications Limited, among others.

Analyst Review

The global digital payment market attained a value of nearly USD 4.9 trillion in 2020, driven by the increasing penetration of smartphones. Aided by the growing need for contactless services especially due to the COVID-19 pandemic and various government initiatives, the market is expected to witness further growth in the forecast period of 2023-2028, growing at a CAGR of 13%.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The market is divided on the basis of solutions into payment gateway, payment security and fraud management, payment processing, and transaction risk management, among others. Based on deployment, the market is bifurcated into cloud and on-premises. In terms of mode of payment, the market is segmented into digital wallets, bank cards, net banking, and digital currencies, among others. Bank cards are sub-divided into debit card, credit card and pre-paid card. The end-uses include BFSI, healthcare, retail and e-commerce, IT and telecommunication, media and entertainment, transportation and logistics, travel and hospitality, and education, among others. The major regional markets for digital payment are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The major players in the industry are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., and One97 Communications Limited, among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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